Wearable technology and its effect on Retail

Online shopping could now be a thing of the past, the reality of wearable technology becoming as common as mobile phones is not too far away. In fact, just as mobile phones have come the next thing for online shopping, wearables are the mega stars in waiting for the growing retail sector, both online and offline.

Wearable technology by the numbers

In 2015 we’ll see about 75 million wearable devices being shipped compared to 33-million in 2014. Nearly one in 5 users reported their intentions of buying a wearable device in the next 12 months that includes smart watches and fitness trackers, with Apple revealing its Apple watch in the wearables sector are going to heat up even more.

Wearable technology is geared towards communication (smart watches and glasses), lifestyle improvements (activity trackers), health (heart rate monitors and fitness trackers) and entertainment (virtual reality). However, this is set to expand into more business orientated applications as the devices become more universal and more compatible with existing technology.

Technology you can converse with

The USP of wearable technology is how intimate each device becomes with its user. The depth of data that these devices gather is nearly impossible to obtain by other means- be it health records, online browsing data, food choices or activity cycles. In other words, wearable technology is poised to stand in as your digital assistant.

Painless checkouts, quicker fulfilment

Wearable technology offers a shining ray of hope. The Apple Watch will let you simply push a button and wave your wrist in front of store POS systems to securely pay for your shopping. Mobile wallets such as apple Pay and Google wallet are enablers that have come into being at just the right time to make your payments a lot easier.

Healthier shopping thanks to wearable Tech

Not only do wearable devices have the power to help you shop, they have the potential to help you shop healthier too. Health and fitness trackers are a massive part of the wearables market, sending your vital stats to your phone and receiving data about your workouts. A restaurant could showcase healthy food options on a homepage personalised to your tastes.

To summarise…

The demand for convenience means wearables are likely to boost mobile payments and offer new opportunities to engage more closely with customers. There is a great opportunity for retailers as consumers are more willing to share their personal information with brands in exchange for rewards.